US treasury has the tools to address inflation, says Yellen
US treasury secretary Janet Yellen has announced that inflation will not be an issue in the country, asserting that the Federal Reserve would monitor it carefully.
“I don’t believe that inflation will be an issue but if it becomes an issue, we have tools to address it,” Yellen told NBC on Sunday.
The former Fed chief was, in part, addressing concerns caused by President Joe Biden’s plans on infrastructure, jobs and families in the United States.
“These are historic investments that we need to make our economy productive and fair,” she claimed, adding that the spending is “spread out quite evenly over eight to 10 years.”
Anti-blue collar?
The Biden administration has defended the plan, suggesting that it comes in the backdrop of former President Donald Trump’s 2017 tax cuts in favor of the rich.
“We think that 2017 tax cut didn’t meet its promise. You didn’t see massive investments in [research and development], you didn’t see wages go up. What you saw was CEO pay go up … So we think we can raise those taxes on corporations and fund the things that make the economy grow. Bridges, roads, airports, rail,” White House chief of staff Ron Klain said.
Biden has pledged that no family earning under $400,000 will “pay a penny more in taxes,”” according to Yellen.
“And we’ve been assiduous in sticking to that pledge,” she claimed. “We’re proposing changes to the corporate tax system that would close loopholes.”
Republicans have fiercely opposed corporate tax increases in Biden’s so-called American Jobs Plan.
“Academics would say if you raise taxes on corporations, you have lower wages, you have less investment, and you hurt shareholders. Think pension funds,” Louisiana senator Bill Cassidy told Fox News. “Now, if it’s OK to have lower wages for working people, it’s a blue collar thing. If it’s OK to have less investment, it’s a blue collar thing. But if you want higher wages, if you want more investment, if you want more efficient deployment of capital, than it’s anti-blue collar."
JPMorgan boss warns US facing most severe risks since World War II
Americans skipping meals to afford housing: Poll
Biden claims Chinese smart cars spy on US citizens, infrastructure
US: Students rally after pro-Palestinians arrested at New York-based univ.
US will pull out military personnel from Niger: Report
US sanctions on Venezuelan oil ‘violation of human rights’: Iran
VIDEO | Hundreds of students take to streets in Milan in support of Palestine
UN warns hundreds of thousands of Sudanese under ‘immediate danger’
Iraqi resistance strikes ‘vital’ target in Eilat after Israel attacks PMU base
North Korea conducts cruise missile warhead test: State media
Israeli airstrike kills at least 7 people in Rafah
This makes it easy to access the Press TV website
